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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/06/2019

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND CONDITIONS
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To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

EQUIFAX TERMS AND CONDITIONS
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 20/06/2019

EXPERIAN TERMS AND CONDITIONS
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YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 20/06/2019

CRIF HIGH MARK TERMS AND CONDITIONS
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This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name : Date :20/06/2019

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Credit Score Myths

CIBIL is India’s leading credit information company, now known as TransUnion CIBIL. It is not just a credit reporting agency but a global risk information provider that offers services to businesses like analytics and consulting, fraud and ID management, CIBIL score, portfolio and collections management, CIBIL microfinance report and more. Individuals can also get a subscription to get regular credit reports, rectify errors and resolve disputes with lenders.

CIBIL is known for maintaining one of the largest collections of consumer information at global level, with a total of over 550 million individuals and businesses. Their mission is to provide credit information that will help businesses grow faster and at the same time give cheaper and quicker credit to the people. A person’s CIBIL Score is his financial report card which helps him strategize his credits judiciously. It is also committed to bringing financial literacy in India along with inclusion and protection.

CIBIL – Company Milestones

In the year 2000, TransUnion CIBIL was incorporated as per the recommendations made by the RBI Siddiqui Committee. After four years, credit bureau services were launched in India, 2 years after which the commercial credit bureau operations started.

CIBIL Score was introduced in 2007 as India’s first credit scoring model for banking and financial institutions in the country. Year 2010 witnessed the launch of ‘CIBIL Mortgage Check’ – the first centralized mortgage database in the country, and ‘CIBIL Detect’- India’s first repository of credit information on high-risk activities. It was only in 2011 that individual consumers were given access to CIBIL report. In the year 2016, TransUnion acquired 82% stake in CIBIL and its name was changed to TransUnion CIBIL.

How does CIBIL work?

CIBIL is licensed by the Reserve Bank of India and is governed by the Credit Information Companies (Regulation) Act of 2005. Every month, banks submit the data related to their customers such as the loans outstanding, repayment trends, etc. to CIBIL on the basis of which it determines the CIBIL Rank for individuals and Company Credit Report (CCR) for the business consumers. With help of CIBIL Score, lenders can evaluate the borrowing capability of an individual or a company and offer loans accordingly.

CIBIL Score is a three digit number ranging between 300-900, with 300 being bad and 900 being good. So the closer you are to 900, higher will be your chances of loan approval. Individuals should also check CIBIL Score online to determine their credibility and then apply for loans. Checking in advance is always better because loan rejections also have a negative impact on your credit profile.

Also Read: How to get access for FREE CIBIL Report?

Is Paisabazaar.com an Authentic CIBIL Partner?

Paisabazaar is the official partner of TransUnion CIBIL that provides Credit Score and Credit Report for the individuals as well as organizations. On below URL you can find the details and snapshot of our partnership with CIBIL. https://www.cibil.com/official-partners

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What is the benefit of being a CIBIL member?

CIBIL also gives access to individual users. One can create an account on CIBIL which is a subscription based service and provides you with the following benefits:

  • Monitor your CIBIL score: Know how different loans and repayments affect your credit score and proceed smartly. Higher the CIBIL score more will be the chances of future loan approval.
  • You can also apply for pre-approved loans and credit cards facilities offered by leading lenders. A good CIBIL score allows you to negotiate a competitive rate.
  • A subscription to CIBIL will make it easier for you to rectify errors by going online. Disputes with banks or NBFCs can be resolved and a rectified report will be sent to you when the changes are accepted by the lender.
  • This subscription also allows you to share remarks with your lenders.

Also Read: Benefits of having Good CIBIL Score

What products and solutions does CIBIL provide to businesses?

As said before, CIBIL is more than just a credit reporting agency. Although it started out with credit reporting, it now offers a comprehensive range of solutions, such as

Credit Reporting: CIBIL offers comprehensive credit reporting solutions to banks and NBFC on the basis of highly predictive data used by the customer to arrive at the CIBIL status of the customer. This involves an in-depth analysis of a consumer’s credit history, repayment patterns, etc. after which his CIBIL report is generated. This information is used by the banks and NBFCs to derive the credit worth of a customer and strategize in a more prudent way.

Analytics and Consulting: In this rapidly-evolving market, access to better information and knowledge is the key to growth. CIBIL provides all-inclusive analytics and consulting services to a wide range of organizations which gives them a competitive advantage and allows them to make smarter decisions.

Customer Acquisition: Apart from customer information, CIBIL also helps organizations engage and retain the best customers. The customer acquisition solutions by CIBIL allows companies to have a greater access to knowledge, data and analytics related to their customer base which, in turn, lets them capitalize on the opportunities and make better informed decisions.

Fraud and ID Management: The ever-changing financial market makes it imperative for the organizations to keep a sharper eye on possible frauds. The traditional risk management tools are not enough to detect fraud and inefficiencies in the modern world. CIBIL’s Fraud and ID Management solutions assist the organizations in assessing risk and finding the right customers.

Portfolio Management: It is very important to understand the risks in your portfolio and manage it accordingly. The portfolio management solutions offered by CIBIL help a CIBIL consumer in adjusting his strategies and increasing profitability. This service assists them in monitoring the changes closely and choosing the next course of action in a judicious manner.

Collections Management: This solution provided by CIBIL allows banks and financial institutions to track down the bad debts and manage their collections more efficiently. The information provided will let them easily predict the debtors’ behaviour, reduce bad debts and control operational costs.

Also Read: Reasons for Loan Rejection Despite 750+ CIBIL score

CIBIL- Featured Products for Businesses

CIBIL Score- CIBIL offers India’s most trusted credit score model, that is, CIBIL Score. A CIBIL Consumer is mostly a bank or a financial service provider. These companies give out loans and it is extremely important for them to know which customer is likely to manage his loans responsibly. CIBIL studies the borrower’s loans and repayment patterns and predicts whether he/she is likely to default in the near future. This minimizes risks for the financial corporation and increases their profitability.

CIBIL Commercial Report- Through this product, banks can run a CIBIL Score check for commercial borrowers. They usually take larger amounts of loans and hence pose a greater risk for the lender. Hence, the lenders check CIBIL scores of commercial borrowers to evaluate their financial responsibility and make informed lending decisions. Commercial borrowers include private limited companies, public limited companies, proprietorship and partnership firms.

CIBIL Consumer Report- CIBIL offers well-researched data about potential borrowers to the banks and NBFCs so that they do not have to deal with huge risks in future. The personal credit history of a borrower is taken into consideration to predict his future financial behaviour which is extremely helpful for the lending organizations.

Credit Vision- Sometimes just a CIBIL check is not enough to know a customer’s financial habits; this is when Credit Vision comes into play. Credit Vision is a product offered by CIBIL that provides companies with a wider and deeper view of their customer base. It derives information from a massive database that goes back to over 30 months and encompasses a wide-angle study of credit performance trends, enriched data, behaviour and analytics.

CIBIL Microfinance Report- This is a first-of-its-kind product that provides micro-finance companies with detailed information about the existing and prospective customers. It enables them to have a 360-degree view of the customers’ financial cycle, including those in the unbanked population. This special kind of CIBIL check allows companies to make smart lending decisions.

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Portfolio Review Report- An analysis of their customers’ portfolio allows banks and NBFCs in better risk management which, in turn, improves their own portfolio.

Why is CIBIL an important institution for the Indian Economy?

Over the past decade, the loan market in India has changed in leaps and bounds. The number of customers as well as the purchasing power of the customers has seen substantial increase. CIBIL has played a significant role in bringing about this change. It has brought financial literacy in the country and encouraged people to maintain a good credit score. CIBIL score depicts a person’s financial standing and allows banks and NBFCs to predict his future financial behaviour, on the basis of which they grant him a loan. CIBIL report is also made for commercial entities in whose name business loans are taken.

CIBIL has made the financial market more regulated by bridging the gap between lenders and borrowers. By checking their CIBIL score online, individuals can ascertain their own financial standing in the market and get a rough idea of how much they can borrow. This encourages them to maintain a good financial history.

CIBIL Registered Office Address The registered office of CIBIL is located in Mumbai. The address is: TransUnion CIBIL Limited One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 Click to reach CUSTOMER CARE of CIBIL.

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